Virginia Exam (Practice) Questions Latest Update Graded A

Virginia Exam (Practice) Questions Latest Update Graded A The types of agency relationship that are recognized under Virginia agency law include all of the following EXCEPT a. standard agent. b. limited service agent. c. independent contractor. d. designated agent. independent contractor A triple murder was committed on a property six months ago. Virginia law requires that disclosure of this fact be made a. in the MLS listing. b. prior to writing an offer to purchase. c. three days prior to settlement. d. in none of these. in none of these All of the following statements regarding the first-time homebuyers savings accounts allowed in Virginia are true EXCEPT a. account holders may contribute up to $50,000. b. principal and interest up to $150,000 may be withdrawn without paying state taxes. c. funds must be used for real estate transaction costs listed on the Settlement Statement (HUD- 1). d. funds may be held privately. funds may be held privately The 2014 Virginia General Assembly changed the "trigger number" that determines if a landlord is subject to the Virginia Residential Landlord Tenant Act (VRLTA) to a. two owned properties. b. two rental properties plus a principal residence. c. four rental properties in an urban area. d. 10 rental properties in an urban area. two rental properties plus a principal residence Ideally, all brokerage relationships end with a successful transaction that goes to settlement. Other legal ways for termination of the relationship include all of the following EXCEPT a. mutual agreement by all parties. b. a default by either party. c. a request from either client or broker. d. a licensee's withdrawal if a client refuses to consent to disclosed dual agency. a request from either client or broker Virginia agency law lists seven statutory duties to be performed by all licensees. The only one of these duties that allows for some variation is in the duty to a. perform according to the terms of the brokerage relationship. b. promote the best interests of the client. c. maintain confidentiality of all personal and financial information. d. exercise ordinary care. promote the best interests of the client The primary purpose for creating the new Disclosure of Dual Agency or Dual Representation form was to a. encourage the use of dual agency. b. encourage the use of designated agency. c. ensure that clients are made aware of the risks involved in dual agency. d. make it easier to withdraw from dual agency. ensure that clients are made aware of the risks involved in dual agency The duties required of a licensee engaged to manage real estate are essentially the same of those required of a licensee representing a buyer or a seller. The law now requires that a. all material facts concerning the property are disclosed. b. licensees maintain confidentiality of information. c. all monies and properties received are properly account for. d. the property management agreement be in writing and have a definite termination date. the property management agreement be in writing and have a definite termination date The Augmented Estate and Elective Share Act includes the law of descent and distribution, which is similar to the earlier law regarding a. eminent domain. b. dower and curtesy rights. c. homestead exemption. d. adverse possession. dower and curtesy rights